Cheong Wa Dae Says on Korea’s Relisting as Currency Monitoring List Country: "We Are in Close Communication With U.S. Treasury"

[The Financial News] Cheong Wa Dae said on the 30th that, regarding the Donald Trump administration’s decision to relist the Republic of Korea as a foreign exchange monitoring list country, "the foreign exchange authorities are in close communication with the U.S. Department of the Treasury and plan to continue doing so going forward."
A Cheong Wa Dae official said, "In its currency report, the U.S. Department of the Treasury reaffirmed that the recent weakness of the South Korean won does not correspond to the Republic of Korea’s economic fundamentals."
However, the Cheong Wa Dae official added, "We understand that this relisting was decided in a somewhat mechanical manner, based on the U.S. Department of the Treasury’s evaluation criteria."
Earlier that day, the U.S. Department of the Treasury released its semiannual report on the "Macroeconomic and Foreign Exchange Policies of Major Trading Partners" and placed 10 countries, including the Republic of Korea, China, Japan, Taiwan, Thailand, Republic of Singapore, Socialist Republic of Viet Nam, Federal Republic of Germany, Ireland and Switzerland, on its currency monitoring list, saying their currency practices and macroeconomic policies warrant close attention.
The Republic of Korea was removed from the foreign exchange monitoring list country designation in November 2023 for the first time in about seven years since April 2016, but it was again included on the list in November 2024, shortly before the launch of the Trump administration.

cjk@fnnews.com Choi Jong-geun Reporter